enter into additional transactions at comparable prices or could enable competitors to "front run" or replicate the Underlying Fund's strategies. Central Clearing. In order to mitigate counterparty risk and systemic risk in general, various U.S. and international regulatory initiatives are underway to require

events. These risks of loss can be substantial and could have a material adverse effect on the Fund and Feeder Fund investors' investments therein. Central Clearing In order to mitigate counterparty risk and systemic risk in general, various U.S. and international regulatory initiatives are underway to require